Christmas in July: Consolidated Credit Recommends Savings Strategies to Prepare for the Holidays

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Jul 25, 2013, 09:36 ET

FT. LAUDERDALE, Fla., July 25, 2013 /PRNewswire/ -- Winter is the busiest shopping season due to the holidays and accounts for up to 30 percent of retailers' annual sales. Consolidated Credit reports a drastic increase in consumer credit spending during the holidays and provides strategies to avoid potential debt.

Howard Dvorkin, author of Power Up: Taking Charge of Your Financial Destiny, (Wiley, September 2013) notes the importance of having sufficient funds to cover holiday expenses. Dvorkin stresses that preparation is the key factor in avoiding post-holiday debt.

"Believe it or not, July is the perfect time to start budgeting and buying for Christmas, Chanukah and Kwanza," Dvorkin said. "It gives ample time for people to reflect not only their gifts, but also for decorations and travel expenses."

Last year, the National Retail Federation predicted the average consumer to spend $749.51 on holiday expenses. Dvorkin expects this year's spending to increase slightly because of recent improvements in consumer spending and growth categories.

Consolidated Credit recommends the following strategies to prepare for the holidays:

Make a list and start early – By preparing and following a list, consumers can avoid buying items that weren't planned for, allowing them to stick to a budget. Shopping now for gifts insures good prices because consumers have time to comparison shop and wait for sales.

Holiday fund – By the end of November, consumers should have enough savings set aside for holiday gifts and decorations. All items should be paid for in cash to avoid credit charges.

Utilize social media – Retailers are turning to social media sites to promote their sales. Like and follow different brands to take advantage of coupons and deals.

Shop Online – Almost any product can be bought online, and it's usually at an equal or lower price than in stores. Take advantage of exclusive online deals from trusted retailers. You may even qualify for free shipping.

Reuse and Recycle- Holiday decorations from previous years should be reused or altered to be given a fresh look. There are lots of "Do It Yourself" projects that can make holiday decorating fun, cheap and easy.

Media Contact: April Lewis-Parks / [email protected] / 954-377-9344

About:
Consolidated Credit is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people over 20 years with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.

SOURCE Consolidated Credit